The beginning of a new page in
the original publication and the pages on which illustrations were
shown are indicated in blue. This facilitates quoting from the article.

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Antony
KROPFF (*)

Late Roman coin hoards in the West:
trash or treasure?

Revue Belge de
Numismatique et de Sigillographie 153, 2007,
73-86.

1. Introduction and
theme

The late third century AD yielded many Roman coin hoards in the west, and
especially the hoards closing in the years after 274 AD stand out. Two
hypotheses have been proposed to explain the enormous number of hoards closing
with a coin for the Tetrici in the north-western part of the former
Roman Empire. One theory states that the hoards can be related to
wars, invasions, raids and rebellions. We shall refer to this hypothesis as the
‘troubles theory’. Although contemporary historical sources for the late third
century in the west are very scarce and the precise course of events is not
clear, we can safely say that this was a troubled period for this part of the
Roman world. It seems obvious to link the peak of non-recovered hoards to these
troubles and this has become the generally accepted way to explain these hoards.

An alternative hypothesis proposes the ‘monetary theory’: the non-recovery of
hoards was caused by the fact that coins had been demonetised or had simply lost
their value. The non-recovery then was in fact abandonment, after the hoard had
become worthless.

Both theories have found advocates and some of the arguments seem very
compelling at first sight. However, both hypotheses have also drawn objections.
This survey examines both hypotheses in relation to the hoards, closing with a
coin for the Tetrici (sometimes for Aurelian) in Britain, The Netherlands, Belgium, France
and Germany.

As both the ‘troubles’ and the ‘monetary’ hypothesis fail to fully explain these
hoards in a convincing way, an adapted hypothesis is proposed.

2. Incidence and distribution of late third century hoards in the west

The
number of late third century hoards in the west is very high, compared to
preceding periods. Callu has compiled data concerning the

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coin hoards during and
just before and after our period
[1]. The data are summarised in the following
table.

Table
1.

Closing coin for:

Period of reign

Number of hoards

Gordian III

238-244

51

Philip I

244-249

111

Trajan Decius

249-251

65

Trebonianus Gallus and Aemilian

251-253

48

Valerian I and Gallienus

253-260

259

Gallienus (sole reign) and Postumus

260-268

262

Claudius II and Victorinus

268-270

120

Aurelian and the Tetrici

270-275

414

Tacitus and Florianus

275-276

17

Probus

276-282

113

Carus and Carinus

282-285

26

First Tetrarchy

285-305

261
[2]

More
recently, Reece has summarised the British hoards
[3] as follows.

Table
2.

Period

Number of hoards

Up until 41 AD

18

41- 54 AD

26

54 – 69 AD

11

69 - 96 AD

60

96 – 117 AD

21

117 – 138 AD

43

138 – 161 AD

66

161 – 180 AD

97

180 – 192 AD

35

192 – 222 AD

49

222 – 238 AD

31

238 – 260 AD

36

260 – 296 AD

530
[4]

296 – 317 AD

99

317 – 348 AD

195

348 – 364 AD

119

364 – 411 AD

280

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Of a
total of 641.000 coins from British Roman coin hoards which have been listed and
described, 57% came from hoards ending with coins of the mid- to late third
century AD
[5].

The
present study concentrates on the peak (see table 1) of hoards closing with a
coin for the Tetrici (sometimes for Aurelian) hoards. The map shows the
geographical distribution of these hoards.

Map 1:Western hoards closing with the Tetrici
orAurelian[6].

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A
striking and dense cluster of hoards can be seen in and around present day
Luxembourg and in the Moselle / middle
Rhine area. The map shows a very low number of non-recovered hoards
in southern Gaul. We will analyse this
geographical distribution of hoards later in this survey.

3.
Non-recovery of hoards: the hypotheses

We will
now discuss the two hypotheses in relation to non-recovery: the troubles option
(non-recovery was caused by invasions, inroads and other violent troubles) and
the monetary option (non-recovery was related to coin reforms, withdrawal of
coins from circulation and other monetary factors).

3.1.
Troubles hypothesis

The
coin hoards from the late third century have traditionally been interpreted as a
sign of invasions, inroads and other violent troubles during this period. Over
the years, there has been a lot of support for the troubles option, mainly –but
not exclusively- from continental archaeologists[7].

A
number of observations and arguments have been presented to support the troubles
option. First of all, the general relation between a relatively large number of
hoards and troubles in other periods has been noted. Parallels have been drawn
between the hoards from the late third century AD and the hoards from the
British civil war, the later Roman Republic and the first World War
[8] or the hoards from the 16th and 17th
century in the Low Countries
[9].

Furthermore, although the contemporary sources are silent on the routes invaders
would have followed during raids, some authors have tried to establish such
routes on maps showing the location of hoards. Inroads during the reign of the
Gallic ruler Postumus were supposed to have followed the Cologne / Tongeren / Bavay road.

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During the
period around 274 AD the Mainz / Trier / Reims road would have been preferred
[10], as is thought to be illustrated by the
relatively large number of hoards from this period in Luxembourg, the south east
of Belgium and the area around Mainz
[11].

The
fact that southern Gaul, a densely populated
area, did not yield many hoards from the late third century has been interpreted
as a sign that this area did not suffer from raids and invasions
[12].

3.2.
Monetary hypothesis

The
“troubles” hypothesis fails to explain the large number of hoards from this
period in Britain,
as this area at that time did not suffer from large scale attacks
[13]. The “monetary” hypothesis however does
seem compatible with the British hoards and has received support over the years,
recently from British archaeologists
[14]. The supposed demonetisation of the
hoarded coins has been linked to the coin reform by Aurelian and its enforcement
by Probus [15]. It has been pointed out that the
historian Zosimos [16] reports that “He [Aurelian] likewise
called in all the counterfeit money, and issued new, to avoid confusion in
trade”
[17]. However, the passage in Zosimos can be
explained in more than one way and is open to interpretation. It is by no means
certain which coins Zosimos referred to when he mentioned the withdrawal of
coins from circulation. It is also uncertain whether or not a withdrawal was
actually executed during this period.

Active
demonetisation by withdrawal from circulation is not the only option covered by
the monetary hypothesis. Passive demonetisation by complete loss of value has
also been assumed. The individual coins in

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hoards had a very low buying power to
begin with and would have become worthless during the period after hoarding
[18].

The
monetary hypothesis presents a number of problems. If the withdrawal or
demonetisation of certain coins had caused the non-recovery of hoards, the
demonetised and abandoned coins would not turn up abundantly in hoards, closing
in a much later period. However, the coins of the Gallic rulers, the radiate
copies and other coins with a (very) low intrinsic value keep appearing in
hoards well into the fourth century AD
[19].

Also,
the monetary hypothesis is incompatible with the non-recovered hoards of debased
coins which also contain a number of coins with a considerable intrinsic value
[20] or even gold or silver objects,
jewellery et cetera
[21]. Even if the bulk of the coins would
have become completely worthless, the high value coins or the valuable objects
would have made it worthwhile to recover such hoards.

The
concept of deliberately abandoned hoards has been criticised on other grounds
also. The assumption that coin hoards would have been abandoned is based on the
projection of present day standards and values on the ancient world. Even if the
hoarded coins had become worthless as an instrument of payment, it would have
been worthwhile to recover the hoards and sell the coins to a local coppersmith
because even base metal would have had its value
[22]. Even as late as the nineteenth century
this practice could be observed. During that century, nobody took any interest
in the radiate copies or placed any value on them. A contemporary informs us,
that in Luxembourg many thousands of copies
were found and indeed sold to the local coppersmith
[23].

A
further objection can be raised against the monetary hypothesis. If coins were
demonetised or had become worthless, other coins must have taken their place in
circulation. But which coins would have succeeded the ‘old’ coins that are
claimed to have become worthless? The hoards from the last three decades of the
third century show that the coin circulation did not change abruptly in this
period. Rather, we note a gradual

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change. The coins produced for Gallienus and
Claudius II between 260 and 270 AD came to the area of the former Gallic Empire
with a considerable delay and did not enter western circulation in appreciable
numbers until circa 278-280 AD [24].

By that
time, the equally base Gallienus / Claudius issues started to replace the
emissions for the Gallic rulers and their radiate copies. The Aurelian coin
reform did take place in 274 AD, but the demonetisation of‘old’ coins that Zosimos seems to hint at never took place in the west
and only a few post reform coins did enter western circulation [25].

As the introduction of new, reformed coinage did not succeed in the west and the
coin pool was quite unchanged until the end of the third century, it seems
impossible to explain the non-recovery of hoards as the result of a process of
demonetisations.

We can now conclude that the present
monetary theory should in fact be rejected. Now we will analyse the influence of
inflation in itself.

4. Coin
circulation and inflation

We will
take the site finds as a point of departure to analyse the influence of
inflation on coin circulation, coin loss and hoarding. Figure 1 shows the
histogram for the site finds of Housesteads in Britain
[26] and figure 2 shows the histogram for the
site finds of Maastricht
in the Netherlands
[27].

These
histograms can represent many other site finds from Britain,
the Dutch River Area and the Middle Rhine area, with a similar pattern in the
histograms
[28]. The number of coins for each ruler or
group of rulers is divided by the number of years covered by that period. The
outcome is multiplied by a factor of 1000 and then divided by the total number
of coins the site yielded. This correction standardises all site finds to an
equal size, by computing the yearly loss per thousand coins
[29]. The details of all periods need not
concern us here, but period 18 covers the coins for Gallienus’ sole reign,
Claudius II, Postumus, Victorinus and the

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Tetrici, the last Gallic rulers. Their
combined reigns cover the period 260-274 AD. The histograms show a very high
coin loss for this period. This high coin loss was not caused by an increased
occupation of the site or a local upsurge of commerce and wealth.

The
high coin loss was related to the number of coins in circulation, the value of
each coin and the care a person took in handling the coins and in looking for a
coin which was dropped, for instance in a
crowded marketplace. The histogram bar for period 18 shows a coin circulation
consisting of an enormous mass of low value coins. This resulted in a high
accidental loss and as the individual coins had little value, a lost coin was
not sought after intensively.

The
genesis of this type of coin circulation took a couple of decades. Throughout
the third century we find a declining silver content and intrinsic value of the
coins and an increasing coin production. Under Severus in 193 AD coins had a
silver content of nearly 80% while under Caracalla in 215 AD the silver content
had dropped to 50% and under Gallus in 253 AD to just over 35%. All percentages
are for coins from the Rome
mint [30]. Coins struck for Gallienus after 265 AD
contained

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less than 5% of silver, while the coins minted for the Tetrici
contained less than 1% [31]. The falling of silver content of the
coins shows the uncontrolled inflation of the period. The papyri tell us, that
in Egypt between circa 267-268 AD and
circa 277-280 AD, prices had risen to an eightfold
[32].

After
268 AD coin circulation speeded up and coins with a low intrinsic value began to
drive better coins out of circulation. As a result of this rapid coin
circulation and the driving out of better coins, hoards of this period contain a
very high percentage of coins struck within a short period of time
[33].Coin production increased markedly. During the years 265 and 266 AD the
production of antoniniani for Gallienus was circa three times as high as it was
during the first years of his sole reign (260-261 AD). The number of officinae
was doubled and also, the production of each officina nearly doubled [34]. Looking over a longer period of time,
we find that between 238 AD and 274 AD coin production had increased to a
sevenfold and the pace of circulation had risen to a fivefold.

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In this
calculation, the enormous production of radiate copies was not included
[35]. During the same period, the number of
mints increased from just one to nine; the total number of officinae went from 6 in 238 AD to 15 in 259 AD and to even 43 in 274 AD
[36].

We will
have to conclude that during the period under investigation, an unprecedented
number of low value coins were in circulation. The effect on hoard patterns will
be discussed in the next paragraph.

5.
Hoards and inflation

Inflation characterised by an enormous mass of coins in circulation and a
declining value of individual coins resulted in an increasing loss and
non-recovery of coins on sites. How did inflation influence the number of
hoards?

Inflation and the number of coins in circulation seem to be underestimated as an
autonomous cause of (part) of the non-recovery of hoards. As we have noted, coin
production in 274 AD was circa a sevenfold of the production in 238 AD, even
excluding the very large scale production of radiate copies in the former Gallic
Empire which further increased circulation in de western provinces. More persons
had to hoard more units of coins more often than before, as the amount of coins
one could carry around or store conveniently in the house was limited.

Even in the absence of external influences, a certain more or less determined
percentage of hoards will not be recovered, for instance because of the
unexpected natural death of the owner or even plain forgetfulness. As
hyperinflation must have caused an increased number of hoarded units of coins,
this type of basal unspecific non-recovery, not related to troubles or other
external factors, will have caused at least part of the increase of
non-recovered hoards during the second half of the third century. A similar
effect can be noted on the sites: a more or less stable percentage of accidental
loss of individual coins will lead to an enormous increase of coin loss at the
site during a period of hyperinflation. And when an individual coin represents a
very low value, a dropped coin will not be sought after long. This will also
apply to the hoards: if the hoarded coins have a very low value, an initial
failure to recover the hoard might not have been followed by an intensive
search. This should not be considered as conscious abandonment and is not
related to demonetisation.

Hyperinflation will have resulted in more hoards, but will not explain the
geographical distribution of hoards, unless inflation would have been

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more
severe in some areas. And this, quite unexpectedly, seems to have been the case.
Radiate copies, very base low value coins, were abundant in Northern Gaul,
Britain and the middle and lower Rhine area and rather scarce in Southern Gaul,
Spain and Northern Italy
[37]. When we look at the share of radiate
copies in the total number of coins produced between 260 and 295 AD found on the
sites in Northern Gaul, we find that 65,4 % of these coins are copies
[38].

Hoards hidden in northern Gaul
between 274 and 280 AD also show the large share of copies in circulation: the La Vineuse hoard consists for
more than 60% of copies
[39].

In southern Gaul
however, the share for the copies in hoards and site finds is much lower. The
share of copies in the total number of coins produced between 260 and 295 AD
found on the sites in Southern Gaul is 3,4%
[40].

We will have to bear in mind that at least part of the overrepresentation of
hoards in the north-western limes area could be caused by the larger mass of
radiate copies and other low-value coins in circulation in this area. In
Southern Gaul, not enough of these coins were available to form the
type of hoards discussed here.

6. Troubles in a time of inflation

The main cause for the enormous number of often large hoards closing with a coin
for the Tetrici (or Aurelian) will be hyperinflation and the enormous mass of
low-value coins in circulation.

When hyperinflation however is claimed to be the sole cause of the large number
of hoards from this period, the geographical distribution of the hoards is not
fully explained. Part of this geographical distribution could be related to the
larger number of low value coins in the North, as suggested in this survey.

However, when we try to attribute the distributions of the hoards on the map to
external causes, we are facing some problems. We take note of the many hoards
and the historical sources tell us that around 275 AD the Franks launched a
large scale invasion into Gaul, capturing
seventy cities on their way. The invaders were eventually repelled by Probus
[41]. Knowing this, we are tempted to see the
cluster of hoards on the Middle Rhine

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and in or around present day
Luxembourg
as an indication of a main point of entry of the attacks. From there, the hoards
seem to suggest that the invasions fanned out into Gaul.
Nevertheless, we can raise some objections to this view. Two of the captured
(and, in this cases, destroyed) cities were the walled Colonia Ulpia Traiana
(Xanten) and the city of Noviomagus Nemetum (Speyer). Roman Speyer must
have been destroyed by fire during the attack. All over the Roman city we find a
burnt layer, dated to this period by stray coins. Many parts of skeletons were
discovered in this layer and in draw-wells
[42]. And yet, no hoards connected to these
specific events of destruction could be marked on the map.

We will have to consider that hoards from this period, consisting of a (very)
large number ofdebased, low value
coins cannot really be identified as typical emergency hoards, buried in direct
reaction to an invasion. These coins could have been buried after the sale of a
calf, or could represent the business transacted in a market stall over a couple
of days, deposited with the intention to buy an aureus to pay taxes once enough
of these low value coins would be available to the owner. These hoards
definitively do not represent the result of years of saving, buried to be kept
safe during a troubled period.

These hoards would have been buried all the time during this period all over the
North-western part of the Empire and patterns representing routes of invasions
only emerge because the ancient sources mention these inroads. It is a bit like
the concealed image hidden within an illustration, a genre quite popular during
the first half of the last century: we can only visualise the image with some
effort after we are told it really is there. We cannot use these hoards and
their distribution on the map as a proof of invasions we are informed about by
ancient historians.

In fact, the map of hoards in itself shows this. The British hoards are just as
heavily scattered and mildly grouped as those on the continent, that is: the
distribution looks exactly the same on the map. But we already noted that the
hoards in Britain from this period are not
related to troubles, in fact the opposite: it was a time of vigorous villa
building. So even if a cluster of hoards near the river
Thames
seems to point at an attack with this river as a point of entry, we know there
never was such an attack. And if the hoards in
Britain
are not caused by troubles, it would be a clear case of special pleading to say
that the hoards in Gaul are caused by
invasions.

So in the end we are not able to substantiate the troubles hypothesis, just as
we could not give support to the monetary (or demonetisation) hypothesis.

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Conclusions

In the north-western part of the area of the Roman Empire we see an enormous number of coin hoards from
the eighth decade of the third century.

Two hypotheses have been proposed to interpret this accumulation of hoards.
Traditionally, the hoards have been explained as the result of raids and
invasions into Roman territory during this period, which can be referred to as
the ‘troubles’ hypothesis. This hypothesis has been criticised because
Britain
shows a hoard density at least equal to for instance
Belgium
and north-western France,
although Roman Britain did not suffer the same number of large scale raids and
invasions the Gallic area did. A number of mostly British archaeologists
proposed that the hoards from this period (both British and continental) are the
result of abandonment after the hoarded coins had been demonetised or just
became worthless.

In this survey, we show that this demonetisation or ‘monetary’ hypothesis is
less probable and should be rejected. Both the nature of many hoards and the
development of coin circulation during the last decades of the third century
plead strongly against this hypothesis.

Still, we will have to concede that the British hoards cannot convincingly be
explained solely by the ‘troubles’ hypothesis. To deal with this problem, we
take the site finds as point of departure. Analysing the stray coins found on
Roman sites in the west, we will very often observe an unprecedented peak in the
histogram for the coins of the emperors ruling between 260 and 274 AD (Gallienus
and Claudius II, plus in the west the coins of the Gallo-Roman rulers and the
radiate copies of their coins). This does not indicate a sudden increase of the
occupation of sites, or a sudden rise of prosperity. The peak in the histograms
just shows the increasing inflation and the enormous production of debased, low
value coins during this period. The hoards from this period also show this
transformation of the coin production

This survey proposes that the hyperinflation of the period will have influenced
the number of non-recovered hoards. The huge number of low value coins in
circulation meant that more individuals than before had to conceal more units of
coins more often. After all, the amount of coins that can be kept in a purse or
conveniently and safely stored in a house is limited, and no banks were
available. Leaving aside all possible external causes for non-recovery
(invasions, war, plague, economic changes) a certain more or less fixed basic
percentage of non-recovery, related to causes only concerning the owner, should
always be expected. For instance, we will have to consider unexpected natural
death, or forgetfulness. When inflation and increased coin production result in
more concealed hoards, the number of non-recovered hoards due to individual ill
fortune of the owner will also rise. A parallel between site finds and hoards of
this period can now be drawn. Both the peaks in many site finds for the coins
minted for Gallienus, Claudius II, the Gallic rulers and the radiate copies
and the enormous number of hoards of
these coins are caused first and foremost by hyperinflation. There is no need to
explain the number of hoards or the peak in the site finds
as such as the result of other
external factors.

And yet, this has often been done in the past. Both the Historiae Augustae and
Zosimos inform us about the attacks and invasions by the Franks into Germania
Superior and Gallia
around 275 AD. Archaeological evidence (a layer of fire and destruction) seems
to confirm this information.

Now we will be tempted to connect the hoards from this period and their pattern
on the map to the invasions and try to identify clusters of hoards, indicating
points of entry and lines of attack. However, this survey shows that we are not
(yet) able to substantiate the troubles hypothesis in relation to these hoards.

The “inflation hypothesis” proposed in this survey seems to be more probable
than both the monetary and troubles hypotheses as tested and discussed in this
survey.

[38]
C.E.
KING, The circulation of coin in
the western provinces AD 260-295,
in A.R.
Hand and D.R. Walker (eds), The Roman West in the Third Century
(BAR, International Series S.109), Oxford, 1981, p. 89- 126.